Piper Jaffray Maintains Neutral on Myrexis

Piper Jaffray is out with its report today on Myrexis MYRX, maintaining Neutral. In a note to clients, Piper Jaffray writes, "Over the weekend, Myrexis presented data from Avastin-naive recurrent glioblastoma patients in a Phase II trial of single agent Azixa at the American Society of Clinical Oncology meeting in Chicago. The results support earlier studies and provide the rationale for an ongoing controlled Phase II trial in front-line glioblastoma on top of radiation and chemotherapy. Myrexis ended FY3Q:11 with cash of $124 million or $4.83 per share and is the only company in our drug discovery universe trading at a negative enterprise value. We maintain our Neutral rating and $4 price target based on YE:11 estimated cash. Any partnerships or meaningful clinical progress could provide upside." Shares of MYRX closed Friday at $4.11, down 0.72% from Thursday's close.